Oil prices inched down today after the International Energy Agency (IEA) slashed its oil demand forecast. Brent Crude was trading over 0.7 percent down at 64 dollars and 42 cents per barrel. WTI Crude was also trading over 0.7 per cent down at 61 dollars and seven cents per barrel, when reports last came in.
Meanwhile, the IEA cut its forecasts for global oil demand growth to 730,000 barrels per day (bpd) this year from 1.03 million bpd and to 690,000 bpd next year, citing escalating trade tensions. Earlier, in a monthly report, Organisation of the Petroleum Exporting Countries said world oil demand would rise by 1.3 million barrels per day in 2025 and by 1.28 million bpd in 2026. Both forecasts were down by 150,000 bpd from last month’s figures.